Almost exactly four years to the day Tesla (TSLA) – Get a free report CEO Elon Musk unveiled the Cybertruck, the company’s electrified answer to the ever-popular pickup truck, and it’s finally ready to hit the hands of eager and patient customers.
After suffering years of production setbacks and missed deadlines, Tesla will host its Cybertruck launch event on November 30. The event, which will take place at the Tesla Gigafactory in Texas, randomly selected a limited number of shareholders to attend in person.
Additionally, the event will be broadcast live.
Related: Why Elon Musk changed his tone on Tesla between the second and third quarters
Although the release date is approaching, many details about the truck are still unknown.
When he first unveiled it in 2019, Musk said the vehicle would start at $39,900, with higher-performance models costing $49,9000 and $59,900. But that was four years ago, and Tesla has remained silent on the vehicle’s updated starting price.
Dear Car and Driver last month, according to an NHTSA document, that the dual-motor version of the Cybertruck will start at $70,000 and the three-motor version will start at $80,000. The documents indicate that Tesla will not offer the cheaper single-motor option in 2024.
According to a collaborative source Cybertruck reservation countSo far there have been more than two million Cybertruck reservations.
But the delivery event will be comparatively small. tesla, according to Javier Verduracompany’s global director of product design, will only deliver the “first 10” models of the vehicle during the Cybertruck launch event.
During his third-quarter earnings call, Musk worked to temper enthusiasm for the Cybertruck, saying he doesn’t expect the truck to be profitable for the next 12 to 18 months due to production and scalability issues.
“We dug our own grave with Cybertruck,” he said during the call. “The ramp is going to be extremely difficult. There’s no way around it.”
Musk has predicted that Tesla will make 250,000 Cybertrucks a year by 2025.
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Cybertruck and stocks
The launch of the Cybertruck, according to Gary Black, managing partner of Future Fund, should create a positive “halo effect” that will likely spur sales across the Tesla franchise.
The event, he said, could be similar to the company’s launch of the Model Y in 2020, a vehicle that apparently boosted sales of Tesla’s Model 3.
There were lines out the door at $TSLA Shops across the country to see the Cybertruck this weekend, which could boost orders for all TSLA models in December. https://t.co/n12vWwY5G8
—Gary Black (@garyblack00) November 27, 2023
“History doesn’t repeat itself, but it often rhymes,” he says. saying.
Black’s hope to spur overall sales is shared by super bullish Cathie Wood, who said earlier this month that when people see the Cybertruck, they will “get really excited about Tesla’s next big thing: the truck market.”
Wood, however, maintained at the time that despite this enthusiasm for the launch, the next period for Tesla will be volatile due to the scale issues that Musk highlighted.
However, Deepwater’s Gene Munster said in October that the launch of the Cybertruck should mark a “positive thing for Tesla stock.”
Tesla shares, which are up about 90% for the year, were up slightly on Monday morning.
Ross Gerber, CEO and President of Gerber Kawasaki Wealth and Investment Management, said on sunday that “launch events are nice, but the big question is how many Tesla Cybertrucks can they make per week.”
Ming-Chi Kuo, analyst at TF International Securities estimated in october that Tesla will ship between 100 and 200 Cybertrucks by the end of 2023, a range that will increase to at least 100,000 by 2024 and 240,000 by 2025.
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